Big Ben Bernanke will play a starring role in today’s proceedings, but he’s got plenty of competition for attention.

The Fed Chief takes to the microphone at about 2:15 p.m. EDT for his second press conference following the end of the Fed’s two-day Federal Open Market Committee meeting. The Fed’s not expected to make news with its post-meeting statement (rates will be unchanged, and will remain so for “an extended period”), so The Bernank’s grappling with the presshounds will be the highlight of the Fed day. (We’ll be liveblogging it with our cousins at Real Time Economics.)

He will arrive before the scribbling hordes with the stock market feeling a bit better, at least coming into the session. The Dow Jones Industrial Average surged 109.63, or 0.9%, to 12190.01, its fourth-straight gain. The Nasdaq Composite, boosted by strong technology gains, rose 2.2% to 2687.26. Memories of the six-week losing skein, which ended last week, still linger, but sentiment has improved, which gives Big Ben a modestly better backdrop.

In his first press conference back in late April, Big Ben seemed a bit nervous at first, but he soon found his rhythm. Still, the exchange with reporters had few light moments, with wonkiness prevailing. The over/under for outbursts of laughter remains stuck at one. I’m tempted to take the under.

Big Ben will likely hear questions about QE2, which ends this month. He’ll say that it’s wrapping up on schedule, and shouldn’t cause any market jitters since its conclusion date is widely known. (He said that at his first press conference.) He is likely to frown on QE3, but in a central bankery sort of way. (“The risks of inflation, blah, blah, blah…”)

He will also get questions about the economy. Is it a Slow Patch, or something worse? Central bankers are famously vague, but he will likely indicate he sees the data showing some sluggishness, but that the Fed anticipates better growth later this year. Again, this would be a repeat of things he’s already said. But if he throws his weight behind the prospect of better growth in the second half, that might cheer investors a bit.

Questions about anemic job growth will provide Big Ben an opening to chastise politicians in Washington. So will questions about the Federal Debt Ceiling debate. According to Treasury, the ceiling will get hit on August 2, which isn’t all that far away.

Apart from Big Ben, Greece will very much be on investors’ minds today. Late Tuesday, Greece’s reshuffled government survived a no-confidence vote, barely.

This sparked more nasty demonstrations in Athens and raised anew questions about why Eastern Mediterranean countries do politics so late at night. (Remember the midnight speeches of former Egyptian President Hosni Mubarak?) Maybe some politicians should take a page out of English football and have events much, much earlier in the day, when it’s less likely that ouzo-stoked protesters can turn things ugly. Just a thought.

Even with the vote, Greece continues to face huge problems. It needs to pass another batch of austerity measures in order to get a badly needed bucket of money from its fellow EU members. Never thought we’d care so deeply about such a small economy.

On today’s U.S. economic calendar, not much news beyond The Bernank. Some April home price data and weekly petroleum supply data are in the mix. (A complete rundown of economic news is deeper down in this post.)

A few good earnings morsels, but mostly after the close. FedEx reports ahead of the open, and its view of second-half growth will be a crucial early datapoint. After the close, Bed Bath & Beyond is the highlight. (A complete rundown of key earnings is deeper in this post.)

Back to the U.S. stock market, yesterday’s strong move among economically sensitive stocks heartened folks who believe that the economy will snap back in the second half. The Slow Patch or Worse Gang will note that many such stocks had gotten pretty battered during the June Swoon.

Pessimists will also note that gold is back on a tear. Old Yeller, the haven for those who fear ominous events up ahead, has risen six-straight sessions and trades close to its record settle reached in early May. Goldbugs may see grim tidings around every corner, but the rebound in the barbarous relic is at least a flashing yellow light.

Morning MarketBeat Daily Factoid: H.B. Fuller reports earnings today, and its one of those Very Old companies that often gets overlooked in today’s Apple-centric market. The maker of adhesives and sealants began in 1887 when Harvey Benjamin Fuller Sr. arrived in St. Paul, Minn., from Chicago with an idea about glue. Today, long after Mr. Fuller has left this mortal coil, he died in 1921, his eponymous company employs 3,345 people. H.B. Fuller also predates another Fuller — the Fuller Brush Co. That company got started in 1906 and operates today out of Great Bend, Kansas, as a unit of CPAC Inc.

L’Etoile du Nord

-Dave Kansas

MARKET SNAP:

At 6:30 a.m. EDT, S&P 500 futures are down 4.3 points at 1283.6, Dow futures are 30 points lower at 12058 and Nasdaq futures are down 9 points at 2235.

European bourses are mildly lower, with the FTSE 100 off 0.4%, DAX down 0.1% and CAC-40 down 0.5%.

In Asia, the Nikkei 225 closed 1.8% higher at 9629.4 and the Hang Seng was little changed at 21859.9.

Stocks to Watch

Adobe Systems’ fiscal second-quarter profit climbed 54% as the software maker reported a wider operating margin and across-the-board revenue growth, led by strong services and support sales. But it wasn’t enough to dissuade the bears, who were disappointed in the company’s estimate of 10% revenue growth for the full 2011 fiscal year. Shares slid 3.2%, to $30.99 after-hours.

Jabil’s fiscal third-quarter earnings doubled as the electronics contractor’s top line bested its upbeat guidance. Separately, the company–a contract manufacturer of circuit boards for computers and telecom equipment–said the board approved the repurchase of up to $200 million worth of shares during the next year, which represents roughly 5% of current market value. Shares were up 1.3% at $19.10 after hours.

AeroVironment’s fiscal fourth-quarter earnings rose 13% on a jump in contract-services revenue for a change, but the unmanned-aircraft manufacturer’s results didn’t stray from its pattern of trumping analysts’ expectations. Shares were up 13% at $32.26 after hours, as it also predicted a stronger 2012 fiscal year than Wall Street anticipated.

UnitedHealth Group Inc. (UNH) on Tuesday filed a lawsuit in the U.S. Court of Federal Claims against the Department of Defense, claiming the Pentagon disregarded its own goals when awarding a multibillion-dollar contract to Humana Inc. (HUM).

As mentioned above, the Federal Reserve has center stage on the economic front today, with the FOMC interest rate decision expected at 12:30 p.m. and Big Ben Bernanke taking questions from the press after that release.

Also on the docket, some more housing information. The weekly MBA Mortgage Applications Survey comes out at 7 a.m., and it will show more plunking along the bottom.

At 10 a.m., the U.S. House Price Index for April arrives. It is expected to show a decline of 0.3%. Non-shocker.

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